Which of the following statements about duration is FALSE（）
A. The numerator of the effective duration formula assumes that market rates increase and decrease by the same number of basis points.
B. Effective duration is the exact change in price due to a 100 basis point change in rates.
C. For a specific bond, the effective duration formula results in a value of 8.80%. For a 50 basis point change in yield, the approximate change in price of the bond would be 4.40%.